Business
Aegis Brands Provides Business Update Pursuant to Temporary Relief by the CSA
Aegis Brands Provides Business Update Pursuant to Temporary Relief by the CSA Cana...
About this update from Aegis Brands Inc
[{"type":"text","content":"\n\n\n\nAegis Brands Provides Business Update Pursuant to Temporary Relief by the CSA\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n\n\n\n\n\n\n\nCanada NewsWire\nMISSISSAUGA, ON, June 10, 2020\n\n\n\n/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES/\n MISSISSAUGA, ON, June 10, 2020 /CNW/ - The Second Cup Ltd. (\"Aegis Brands\" or the \"Company\") (TSX: SCU) provided a business update today, as required as a result of the Company's previously announced utilization of the blanket relief provided by the Canadian Securities Administrators and Ontario Instrument 51-102 – Temporary Exemption from Certain Corporate Finance Requirements of the Ontario Securities Commission to postpone the filing of its interim financial report for the first quarter of 2020, the associated management's discussion & analysis and related certification filings (collectively, the \"Interim Documents\"). At this time, the Company anticipates being able to complete and file the Interim Documents on or before June 19, 2020.  \nThe following material developments of the Company have occurred since March 12, 2020, being the date of filing of its annual financial statements. Certain of these developments were previously disclosed by the Company in its May 11, 2020 press release: \n83 of the Company's 244 Second Cup cafés and five of the Company's 19 Bridgehead coffeehouses have temporarily suspended operations in response to the COVID-19 pandemic. In addition, five Second Cup cafés have closed pending conversion of those locations to cannabis retail stores and five other locations have closed permanently. The Company has deferred the collection from franchisees of the accrued royalties and cooperative advertising fund contributions for the periods of February 23 to March 21, 2020, March 22 to April 18, 2020, and April 19 to May 16, 2020. The Company does not currently intend to collect deferred royalties and contributions from franchisees that are in good standing. The Company is engaged in discussions with landlor...